News.blog | CNET News.com: "Google has agreed to purchase online video phenomenon YouTube for $1.65 billion in stock, the companies announced Monday after the close of the stock market.
The deal, which had been rumored for days, will dramatically improve Google's video-sharing service with one of the Internet's hottest properties in YouTube, which allows Net users to upload video clips and share them with the world, for better or worse. YouTube will operate independently, and the companies will work together on building new features for independent users as well as for aspiring directors, they said in a press release. The deal is expected to close in the fourth quarter of 2006."
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